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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Briggs and Stratton Corp | NYSE:BGG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.7768 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Wisconsin
|
|
39-0182330
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
Class
|
|
Outstanding at October 21, 2016
|
COMMON STOCK, par value $0.01 per share
|
|
42,808,827 Shares
|
|
|
Page No.
|
|
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets –
October 2, 2016 and July 3, 2016
|
|
|
|
|
|
Condensed Consolidated Statements of Operations – Three
Months Ended October 2, 2016 and September 27, 2015
|
|
|
|
|
|
||
|
|
|
|
Condensed Consolidated Statements of Cash Flows –
Three Months Ended October 2, 2016 and September 27, 2015
|
|
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
October 2,
2016 |
|
July 3,
2016 |
||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and Cash Equivalents
|
|
$
|
42,960
|
|
|
$
|
89,839
|
|
Accounts Receivable, Net
|
|
160,710
|
|
|
191,678
|
|
||
Inventories -
|
|
|
|
|
||||
Finished Products
|
|
342,447
|
|
|
271,718
|
|
||
Work in Process
|
|
120,324
|
|
|
104,468
|
|
||
Raw Materials
|
|
8,036
|
|
|
9,879
|
|
||
Total Inventories
|
|
470,807
|
|
|
386,065
|
|
||
Deferred Income Tax Asset
|
|
43,693
|
|
|
44,736
|
|
||
Prepaid Expenses and Other Current Assets
|
|
41,470
|
|
|
28,419
|
|
||
Total Current Assets
|
|
759,640
|
|
|
740,737
|
|
||
OTHER ASSETS:
|
|
|
|
|
||||
Goodwill
|
|
161,670
|
|
|
161,568
|
|
||
Investments
|
|
52,049
|
|
|
52,757
|
|
||
Other Intangible Assets, Net
|
|
103,318
|
|
|
104,164
|
|
||
Long-Term Deferred Income Tax Asset
|
|
49,730
|
|
|
53,467
|
|
||
Other Long-Term Assets, Net
|
|
17,488
|
|
|
17,701
|
|
||
Total Other Assets
|
|
384,255
|
|
|
389,657
|
|
||
PLANT AND EQUIPMENT:
|
|
|
|
|
||||
Cost
|
|
1,065,847
|
|
|
1,056,893
|
|
||
Less - Accumulated Depreciation
|
|
737,044
|
|
|
730,620
|
|
||
Total Plant and Equipment, Net
|
|
328,803
|
|
|
326,273
|
|
||
TOTAL ASSETS
|
|
$
|
1,472,698
|
|
|
$
|
1,456,667
|
|
|
|
|
|
|
||||
|
|
October 2,
2016 |
|
July 3,
2016 |
||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Accounts Payable
|
|
$
|
186,468
|
|
|
$
|
181,152
|
|
Short-Term Debt
|
|
50,175
|
|
|
—
|
|
||
Accrued Liabilities
|
|
129,705
|
|
|
137,149
|
|
||
Total Current Liabilities
|
|
366,348
|
|
|
318,301
|
|
||
OTHER LIABILITIES:
|
|
|
|
|
||||
Accrued Pension Cost
|
|
306,319
|
|
|
310,378
|
|
||
Accrued Employee Benefits
|
|
23,341
|
|
|
23,483
|
|
||
Accrued Postretirement Health Care Obligation
|
|
36,120
|
|
|
38,441
|
|
||
Other Long-Term Liabilities
|
|
49,538
|
|
|
51,099
|
|
||
Long-Term Debt
|
|
221,456
|
|
|
221,339
|
|
||
Total Other Liabilities
|
|
636,774
|
|
|
644,740
|
|
||
SHAREHOLDERS’ INVESTMENT:
|
|
|
|
|
||||
Common Stock - Authorized 120,000 shares, $.01 par value, issued 57,854 shares
|
|
579
|
|
|
579
|
|
||
Additional Paid-In Capital
|
|
67,383
|
|
|
72,020
|
|
||
Retained Earnings
|
|
1,054,251
|
|
|
1,074,437
|
|
||
Accumulated Other Comprehensive Loss
|
|
(334,336
|
)
|
|
(338,450
|
)
|
||
Treasury Stock at cost, 14,874 and 14,675 shares, respectively
|
|
(318,301
|
)
|
|
(314,960
|
)
|
||
Total Shareholders’ Investment
|
|
469,576
|
|
|
493,626
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
$
|
1,472,698
|
|
|
$
|
1,456,667
|
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
NET SALES
|
|
$
|
286,797
|
|
|
$
|
289,458
|
|
COST OF GOODS SOLD
|
|
234,276
|
|
|
237,287
|
|
||
RESTRUCTURING CHARGES
|
|
—
|
|
|
2,459
|
|
||
Gross Profit
|
|
52,521
|
|
|
49,712
|
|
||
ENGINEERING, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
|
|
72,063
|
|
|
72,134
|
|
||
RESTRUCTURING CHARGES
|
|
—
|
|
|
914
|
|
||
EQUITY IN EARNINGS OF UNCONSOLIDATED AFFILIATES
|
|
3,228
|
|
|
—
|
|
||
Loss from Operations
|
|
(16,314
|
)
|
|
(23,336
|
)
|
||
INTEREST EXPENSE
|
|
(4,505
|
)
|
|
(4,536
|
)
|
||
OTHER INCOME, Net
|
|
457
|
|
|
1,455
|
|
||
Loss Before Income Taxes
|
|
(20,362
|
)
|
|
(26,417
|
)
|
||
CREDIT FOR INCOME TAXES
|
|
(6,214
|
)
|
|
(8,246
|
)
|
||
NET LOSS
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
|
|
|
|
|
||||
EARNINGS (LOSS) PER SHARE
|
|
|
|
|
||||
Basic
|
|
$
|
(0.34
|
)
|
|
$
|
(0.42
|
)
|
Diluted
|
|
(0.34
|
)
|
|
(0.42
|
)
|
||
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|
|
|
|
||||
Basic
|
|
42,494
|
|
|
43,478
|
|
||
Diluted
|
|
42,494
|
|
|
43,478
|
|
||
|
|
|
|
|
||||
DIVIDENDS PER SHARE
|
|
$
|
0.140
|
|
|
$
|
0.135
|
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
Net Loss
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
Other Comprehensive Income (Loss):
|
|
|
|
|
||||
Cumulative Translation Adjustments
|
|
1,601
|
|
|
(12,473
|
)
|
||
Unrealized Loss on Derivative Instruments, Net of Tax
|
|
(47
|
)
|
|
(351
|
)
|
||
Unrecognized Pension & Postretirement Obligation, Net of Tax
|
|
2,560
|
|
|
2,193
|
|
||
Other Comprehensive Income (Loss)
|
|
4,114
|
|
|
(10,631
|
)
|
||
Total Comprehensive Loss
|
|
$
|
(10,034
|
)
|
|
$
|
(28,802
|
)
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net Loss
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
|
|
|
|
|
||||
Depreciation and Amortization
|
|
14,286
|
|
|
13,397
|
|
||
Stock Compensation Expense
|
|
1,248
|
|
|
1,627
|
|
||
Loss on Disposition of Plant and Equipment
|
|
113
|
|
|
46
|
|
||
Provision for Deferred Income Taxes
|
|
3,498
|
|
|
3,844
|
|
||
Equity in Earnings of Unconsolidated Affiliates
|
|
(3,228
|
)
|
|
(1,436
|
)
|
||
Dividends Received from Unconsolidated Affiliates
|
|
3,043
|
|
|
728
|
|
||
Non-Cash Restructuring Charges
|
|
—
|
|
|
229
|
|
||
Change in Operating Assets and Liabilities:
|
|
|
|
|
||||
Accounts Receivable
|
|
29,422
|
|
|
45,558
|
|
||
Inventories
|
|
(84,733
|
)
|
|
(95,342
|
)
|
||
Other Current Assets
|
|
(2,234
|
)
|
|
2,408
|
|
||
Accounts Payable, Accrued Liabilities and Income Taxes
|
|
(18,212
|
)
|
|
(30,337
|
)
|
||
Other, Net
|
|
(5,552
|
)
|
|
(5,240
|
)
|
||
Net Cash Used in Operating Activities
|
|
(76,497
|
)
|
|
(82,689
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Capital Expenditures
|
|
(15,764
|
)
|
|
(12,428
|
)
|
||
Proceeds Received on Disposition of Plant and Equipment
|
|
52
|
|
|
515
|
|
||
Cash Paid for Acquisition, Net of Cash Acquired
|
|
—
|
|
|
(2,174
|
)
|
||
Proceeds on Sale of Investment in Marketable Securities
|
|
3,343
|
|
|
—
|
|
||
Net Cash Used in Investing Activities
|
|
(12,369
|
)
|
|
(14,087
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Net Borrowings on Revolver
|
|
50,175
|
|
|
38,410
|
|
||
Treasury Stock Purchases
|
|
(8,654
|
)
|
|
(11,178
|
)
|
||
Payment of Acquisition Contingent Liability
|
|
(813
|
)
|
|
—
|
|
||
Stock Option Exercise Proceeds and Tax Benefits
|
|
1,117
|
|
|
6,433
|
|
||
Net Cash Provided by Financing Activities
|
|
41,825
|
|
|
33,665
|
|
||
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
162
|
|
|
(1,284
|
)
|
||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
(46,879
|
)
|
|
(64,395
|
)
|
||
CASH AND CASH EQUIVALENTS, Beginning
|
|
89,839
|
|
|
118,390
|
|
||
CASH AND CASH EQUIVALENTS, Ending
|
|
$
|
42,960
|
|
|
$
|
53,995
|
|
|
|
Three Months Ended October 2, 2016
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(23,863
|
)
|
|
$
|
(1,552
|
)
|
|
$
|
(313,035
|
)
|
|
$
|
(338,450
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
1,601
|
|
|
(710
|
)
|
|
—
|
|
|
891
|
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
266
|
|
|
—
|
|
|
266
|
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
1,601
|
|
|
(444
|
)
|
|
—
|
|
|
1,157
|
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
|
|||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
324
|
|
|
—
|
|
|
324
|
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
232
|
|
|
—
|
|
|
232
|
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(618
|
)
|
|
(618
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
4,714
|
|
|
4,714
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
636
|
|
|
4,096
|
|
|
4,732
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
(239
|
)
|
|
(1,536
|
)
|
|
(1,775
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
397
|
|
|
2,560
|
|
|
2,957
|
|
||||
Other Comprehensive Income (Loss)
|
|
1,601
|
|
|
(47
|
)
|
|
2,560
|
|
|
4,114
|
|
||||
Ending Balance
|
|
$
|
(22,262
|
)
|
|
$
|
(1,599
|
)
|
|
$
|
(310,475
|
)
|
|
$
|
(334,336
|
)
|
|
|
Three Months Ended September 27, 2015
|
||||||||||||||
|
|
Cumulative Translation Adjustments
|
|
Derivative Financial Instruments
|
|
Pension and Postretirement Benefit Plans
|
|
Total
|
||||||||
Beginning Balance
|
|
$
|
(19,117
|
)
|
|
$
|
1,212
|
|
|
$
|
(261,205
|
)
|
|
$
|
(279,110
|
)
|
Other Comprehensive Income (Loss) Before Reclassification
|
|
(12,473
|
)
|
|
2,176
|
|
|
—
|
|
|
(10,297
|
)
|
||||
Income Tax Benefit (Expense)
|
|
—
|
|
|
(816
|
)
|
|
—
|
|
|
(816
|
)
|
||||
Net Other Comprehensive Income (Loss) Before Reclassifications
|
|
(12,473
|
)
|
|
1,360
|
|
|
—
|
|
|
(11,113
|
)
|
||||
Reclassifications:
|
|
|
|
|
|
|
|
|
||||||||
Realized (Gains) Losses - Foreign Currency Contracts (1)
|
|
—
|
|
|
(3,171
|
)
|
|
—
|
|
|
(3,171
|
)
|
||||
Realized (Gains) Losses - Commodity Contracts (1)
|
|
—
|
|
|
132
|
|
|
—
|
|
|
132
|
|
||||
Realized (Gains) Losses - Interest Rate Swaps (1)
|
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
||||
Amortization of Prior Service Costs (Credits) (2)
|
|
—
|
|
|
—
|
|
|
(620
|
)
|
|
(620
|
)
|
||||
Amortization of Actuarial Losses (2)
|
|
—
|
|
|
—
|
|
|
4,129
|
|
|
4,129
|
|
||||
Total Reclassifications Before Tax
|
|
—
|
|
|
(2,737
|
)
|
|
3,509
|
|
|
772
|
|
||||
Income Tax Expense (Benefit)
|
|
—
|
|
|
1,026
|
|
|
(1,316
|
)
|
|
(290
|
)
|
||||
Net Reclassifications
|
|
—
|
|
|
(1,711
|
)
|
|
2,193
|
|
|
482
|
|
||||
Other Comprehensive Income (Loss)
|
|
(12,473
|
)
|
|
(351
|
)
|
|
2,193
|
|
|
(10,631
|
)
|
||||
Ending Balance
|
|
$
|
(31,590
|
)
|
|
$
|
861
|
|
|
$
|
(259,012
|
)
|
|
$
|
(289,741
|
)
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
Net Loss
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
Less: Allocation to Participating Securities
|
|
(112
|
)
|
|
(109
|
)
|
||
Net Loss Available to Common Shareholders
|
|
$
|
(14,260
|
)
|
|
$
|
(18,280
|
)
|
Average Shares of Common Stock Outstanding
|
|
42,494
|
|
|
43,478
|
|
||
Diluted Average Shares Outstanding
|
|
42,494
|
|
|
43,478
|
|
||
Basic Earnings (Loss) Per Share
|
|
$
|
(0.34
|
)
|
|
$
|
(0.42
|
)
|
Diluted Earnings (Loss) Per Share
|
|
$
|
(0.34
|
)
|
|
$
|
(0.42
|
)
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
Options to Purchase Shares of Common Stock (in thousands)
|
|
408
|
|
|
910
|
|
||
Weighted Average Exercise Price of Options Excluded
|
|
$
|
20.82
|
|
|
$
|
20.31
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
|
October 2,
2016 |
|
September 27,
2015 |
||||||||
Components of Net Periodic Expense (Income):
|
|
|
|
|
|
|
|
|
||||||||
Service Cost
|
|
$
|
1,727
|
|
|
$
|
857
|
|
|
$
|
63
|
|
|
$
|
76
|
|
Interest Cost on Projected Benefit Obligation
|
|
10,846
|
|
|
13,042
|
|
|
594
|
|
|
809
|
|
||||
Expected Return on Plan Assets
|
|
(16,118
|
)
|
|
(17,827
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of:
|
|
|
|
|
|
|
|
|
||||||||
Prior Service Cost (Credit)
|
|
45
|
|
|
45
|
|
|
(663
|
)
|
|
(665
|
)
|
||||
Actuarial Loss
|
|
4,202
|
|
|
3,172
|
|
|
737
|
|
|
957
|
|
||||
Net Periodic Expense (Income)
|
|
$
|
702
|
|
|
$
|
(711
|
)
|
|
$
|
731
|
|
|
$
|
1,177
|
|
Contract
|
|
Notional Amount
|
||||||
|
|
|
|
October 2,
2016 |
|
July 3,
2016 |
||
Interest Rate:
|
|
|
|
|
|
|
||
LIBOR Interest Rate (U.S. Dollars)
|
|
Fixed
|
|
157,500
|
|
|
145,000
|
|
Foreign Currency:
|
|
|
|
|
|
|
||
Australian Dollar
|
|
Sell
|
|
41,121
|
|
|
39,935
|
|
Brazilian Real
|
|
Buy
|
|
17,014
|
|
|
16,436
|
|
Canadian Dollar
|
|
Sell
|
|
17,785
|
|
|
8,675
|
|
Chinese Renminbi
|
|
Buy
|
|
133,450
|
|
|
171,475
|
|
Euro
|
|
Sell
|
|
40,030
|
|
|
41,730
|
|
Japanese Yen
|
|
Buy
|
|
805,000
|
|
|
587,000
|
|
Mexican Peso
|
|
Sell
|
|
—
|
|
|
3,500
|
|
Commodity:
|
|
|
|
|
|
|
||
Natural Gas (Therms)
|
|
Buy
|
|
11,764
|
|
|
11,771
|
|
Balance Sheet Location
|
|
Asset (Liability) Fair Value
|
||||||
|
|
October 2,
2016 |
|
July 3,
2016 |
||||
Interest rate contracts
|
|
|
|
|
||||
Other Long-Term Assets
|
|
$
|
88
|
|
|
$
|
—
|
|
Accrued Liabilities
|
|
(498
|
)
|
|
—
|
|
||
Other Long-Term Liabilities
|
|
(374
|
)
|
|
(1,367
|
)
|
||
Foreign currency contracts
|
|
|
|
|
||||
Other Current Assets
|
|
940
|
|
|
1,356
|
|
||
Other Long-Term Assets
|
|
12
|
|
|
2
|
|
||
Accrued Liabilities
|
|
(2,708
|
)
|
|
(2,601
|
)
|
||
Other Long-Term Liabilities
|
|
(86
|
)
|
|
(185
|
)
|
||
Commodity contracts
|
|
|
|
|
||||
Other Long-Term Assets
|
|
19
|
|
|
64
|
|
||
Accrued Liabilities
|
|
(211
|
)
|
|
(190
|
)
|
||
Other Long-Term Liabilities
|
|
(36
|
)
|
|
(16
|
)
|
||
|
|
$
|
(2,854
|
)
|
|
$
|
(2,937
|
)
|
|
|
Three Months Ended October 2, 2016
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
364
|
|
|
Net Sales
|
|
$
|
(232
|
)
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
(126
|
)
|
|
Net Sales
|
|
(306
|
)
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
(232
|
)
|
|
Cost of Goods Sold
|
|
(18
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
(53
|
)
|
|
Cost of Goods Sold
|
|
(80
|
)
|
|
—
|
|
|||
|
|
$
|
(47
|
)
|
|
|
|
$
|
(636
|
)
|
|
$
|
—
|
|
|
|
Three Months Ended September 27, 2015
|
||||||||||||
|
|
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
(Loss) on Derivatives, Net of
Taxes (Effective
Portion)
|
|
Classification of
Gain (Loss)
|
|
Amount of Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
|
|
Recognized in
Earnings
(Ineffective Portion)
|
||||||
Interest rate contracts
|
|
$
|
(269
|
)
|
|
Net Sales
|
|
$
|
(302
|
)
|
|
$
|
—
|
|
Foreign currency contracts - sell
|
|
390
|
|
|
Net Sales
|
|
3,307
|
|
|
—
|
|
|||
Foreign currency contracts - buy
|
|
(366
|
)
|
|
Cost of Goods Sold
|
|
(136
|
)
|
|
—
|
|
|||
Commodity contracts
|
|
(106
|
)
|
|
Cost of Goods Sold
|
|
(132
|
)
|
|
—
|
|
|||
|
|
$
|
(351
|
)
|
|
|
|
$
|
2,737
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
October 2,
2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
1,059
|
|
|
$
|
—
|
|
|
$
|
1,059
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
3,913
|
|
|
$
|
—
|
|
|
$
|
3,913
|
|
|
$
|
—
|
|
|
|
July 3,
2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
1,422
|
|
|
$
|
—
|
|
|
$
|
1,422
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
|
$
|
4,359
|
|
|
$
|
—
|
|
|
$
|
4,359
|
|
|
$
|
—
|
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
Beginning Balance
|
|
$
|
44,367
|
|
|
$
|
48,006
|
|
Payments
|
|
(8,196
|
)
|
|
(8,635
|
)
|
||
Provision for Current Year Warranties
|
|
4,600
|
|
|
5,834
|
|
||
Changes in Estimates
|
|
(415
|
)
|
|
(38
|
)
|
||
Ending Balance
|
|
$
|
40,356
|
|
|
$
|
45,167
|
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
NET SALES:
|
|
|
|
|
||||
Engines
|
|
$
|
154,498
|
|
|
$
|
150,083
|
|
Products
|
|
150,795
|
|
|
162,541
|
|
||
Inter-Segment Eliminations
|
|
(18,496
|
)
|
|
(23,166
|
)
|
||
Total*
|
|
$
|
286,797
|
|
|
$
|
289,458
|
|
* International sales included in net sales based on product shipment destination
|
|
$
|
109,887
|
|
|
$
|
91,541
|
|
GROSS PROFIT:
|
|
|
|
|
||||
Engines
|
|
$
|
30,985
|
|
|
$
|
23,777
|
|
Products
|
|
22,951
|
|
|
27,143
|
|
||
Inter-Segment Eliminations
|
|
(1,415
|
)
|
|
(1,208
|
)
|
||
Total
|
|
$
|
52,521
|
|
|
$
|
49,712
|
|
SEGMENT INCOME (LOSS):
|
|
|
|
|
||||
Engines
|
|
$
|
(11,654
|
)
|
|
$
|
(20,754
|
)
|
Products
|
|
(3,245
|
)
|
|
62
|
|
||
Inter-Segment Eliminations
|
|
(1,415
|
)
|
|
(1,208
|
)
|
||
Total
|
|
$
|
(16,314
|
)
|
|
$
|
(21,900
|
)
|
|
|
|
|
|
||||
Reconciliation from Segment Income (Loss) to Loss Before Income Taxes:
|
|
|
|
|
||||
Equity in Earnings of Unconsolidated Affiliates
|
|
—
|
|
|
1,436
|
|
||
Loss from Operations
|
|
$
|
(16,314
|
)
|
|
$
|
(23,336
|
)
|
INTEREST EXPENSE
|
|
(4,505
|
)
|
|
(4,536
|
)
|
||
OTHER INCOME, Net
|
|
457
|
|
|
1,455
|
|
||
Loss Before Income Taxes
|
|
(20,362
|
)
|
|
(26,417
|
)
|
||
CREDIT FOR INCOME TAXES
|
|
(6,214
|
)
|
|
(8,246
|
)
|
||
Net Loss
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
|
|
Three Months Ended
|
||||||
|
|
October 2,
2016 |
|
September 27,
2015 |
||||
Engines
|
|
$
|
—
|
|
|
$
|
2,204
|
|
Products
|
|
—
|
|
|
2,295
|
|
||
Total
|
|
$
|
—
|
|
|
$
|
4,499
|
|
|
|
October 2,
2016 |
|
July 3,
2016 |
||||
Multicurrency Credit Agreement
|
|
$
|
50,175
|
|
|
$
|
—
|
|
Total Short-Term Debt
|
|
$
|
50,175
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
6.875% Senior Notes
|
|
$
|
223,149
|
|
|
$
|
223,149
|
|
Unamortized Debt Issuance Costs associated with 6.875% Senior Notes
|
|
1,693
|
|
|
1,810
|
|
||
Total Long-Term Debt
|
|
$
|
221,456
|
|
|
$
|
221,339
|
|
|
|
October 2, 2016 Carrying Amount
|
|
Maximum
Guarantee
|
||||
6.875% Senior Notes
|
|
$
|
223,149
|
|
|
$
|
223,149
|
|
Multicurrency Credit Agreement
|
|
$
|
50,175
|
|
|
$
|
500,000
|
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
|
$
|
1,416
|
|
|
$
|
429
|
|
|
$
|
41,115
|
|
|
$
|
—
|
|
|
$
|
42,960
|
|
Accounts Receivable, Net
|
|
66,065
|
|
|
50,636
|
|
|
44,009
|
|
|
—
|
|
|
160,710
|
|
|||||
Intercompany Accounts Receivable
|
|
37,178
|
|
|
6,942
|
|
|
45,540
|
|
|
(89,660
|
)
|
|
—
|
|
|||||
Inventories, Net
|
|
222,452
|
|
|
161,963
|
|
|
86,392
|
|
|
—
|
|
|
470,807
|
|
|||||
Deferred Income Tax Asset
|
|
29,162
|
|
|
11,978
|
|
|
2,553
|
|
|
—
|
|
|
43,693
|
|
|||||
Prepaid Expenses and Other Current Assets
|
|
29,453
|
|
|
5,935
|
|
|
6,082
|
|
|
—
|
|
|
41,470
|
|
|||||
Total Current Assets
|
|
385,726
|
|
|
237,883
|
|
|
225,691
|
|
|
(89,660
|
)
|
|
759,640
|
|
|||||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
128,300
|
|
|
—
|
|
|
33,370
|
|
|
$
|
—
|
|
|
161,670
|
|
||||
Investments
|
|
52,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,049
|
|
|||||
Investments in Subsidiaries
|
|
510,845
|
|
|
—
|
|
|
—
|
|
|
(510,845
|
)
|
|
—
|
|
|||||
Intercompany Note Receivable
|
|
982
|
|
|
84,641
|
|
|
53,457
|
|
|
(139,080
|
)
|
|
—
|
|
|||||
Other Intangible Assets, Net
|
|
—
|
|
|
53,202
|
|
|
50,116
|
|
|
—
|
|
|
103,318
|
|
|||||
Long-Term Deferred Income Tax Asset
|
|
76,502
|
|
|
—
|
|
|
2,459
|
|
|
(29,231
|
)
|
|
49,730
|
|
|||||
Other Long-Term Assets, Net
|
|
12,117
|
|
|
4,306
|
|
|
1,065
|
|
|
—
|
|
|
17,488
|
|
|||||
Total Other Assets
|
|
780,795
|
|
|
142,149
|
|
|
140,467
|
|
|
(679,156
|
)
|
|
384,255
|
|
|||||
PLANT AND EQUIPMENT, NET
|
|
277,018
|
|
|
24,527
|
|
|
27,258
|
|
|
—
|
|
|
328,803
|
|
|||||
TOTAL ASSETS
|
|
$
|
1,443,539
|
|
|
$
|
404,559
|
|
|
$
|
393,416
|
|
|
$
|
(768,816
|
)
|
|
$
|
1,472,698
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts Payable
|
|
$
|
114,995
|
|
|
$
|
48,576
|
|
|
$
|
22,897
|
|
|
$
|
—
|
|
|
$
|
186,468
|
|
Intercompany Accounts Payable
|
|
34,012
|
|
|
9,634
|
|
|
46,014
|
|
|
(89,660
|
)
|
|
—
|
|
|||||
Short-Term Debt
|
|
50,175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,175
|
|
|||||
Accrued Liabilities
|
|
66,303
|
|
|
39,868
|
|
|
23,534
|
|
|
—
|
|
|
129,705
|
|
|||||
Total Current Liabilities
|
|
265,485
|
|
|
98,078
|
|
|
92,445
|
|
|
(89,660
|
)
|
|
366,348
|
|
|||||
OTHER LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accrued Pension Cost
|
|
305,112
|
|
|
355
|
|
|
852
|
|
|
—
|
|
|
306,319
|
|
|||||
Accrued Employee Benefits
|
|
23,341
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,341
|
|
|||||
Accrued Postretirement Health Care Obligation
|
|
22,418
|
|
|
13,702
|
|
|
—
|
|
|
—
|
|
|
36,120
|
|
|||||
Intercompany Note Payable
|
|
98,621
|
|
|
—
|
|
|
40,459
|
|
|
(139,080
|
)
|
|
—
|
|
|||||
Other Long-Term Liabilities
|
|
37,530
|
|
|
24,698
|
|
|
16,541
|
|
|
(29,231
|
)
|
|
49,538
|
|
|||||
Long-Term Debt
|
|
221,456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221,456
|
|
|||||
Total Other Liabilities
|
|
708,478
|
|
|
38,755
|
|
|
57,852
|
|
|
(168,311
|
)
|
|
636,774
|
|
|||||
TOTAL SHAREHOLDERS’ INVESTMENT
|
|
469,576
|
|
|
267,726
|
|
|
243,119
|
|
|
(510,845
|
)
|
|
469,576
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
$
|
1,443,539
|
|
|
$
|
404,559
|
|
|
$
|
393,416
|
|
|
$
|
(768,816
|
)
|
|
$
|
1,472,698
|
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and Cash Equivalents
|
|
$
|
40,966
|
|
|
$
|
741
|
|
|
$
|
48,132
|
|
|
$
|
—
|
|
|
$
|
89,839
|
|
Accounts Receivable, Net
|
|
96,366
|
|
|
61,467
|
|
|
33,845
|
|
|
—
|
|
|
191,678
|
|
|||||
Intercompany Accounts Receivable
|
|
26,340
|
|
|
5,528
|
|
|
41,530
|
|
|
(73,398
|
)
|
|
—
|
|
|||||
Inventories, Net
|
|
160,596
|
|
|
138,175
|
|
|
87,294
|
|
|
—
|
|
|
386,065
|
|
|||||
Deferred Income Tax Asset
|
|
30,260
|
|
|
12,470
|
|
|
2,006
|
|
|
—
|
|
|
44,736
|
|
|||||
Prepaid Expenses and Other Current Assets
|
|
18,105
|
|
|
7,767
|
|
|
4,801
|
|
|
(2,254
|
)
|
|
28,419
|
|
|||||
Total Current Assets
|
|
372,633
|
|
|
226,148
|
|
|
217,608
|
|
|
(75,652
|
)
|
|
740,737
|
|
|||||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
|
128,300
|
|
|
—
|
|
|
33,268
|
|
|
—
|
|
|
161,568
|
|
|||||
Investments
|
|
52,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,757
|
|
|||||
Investments in Subsidiaries
|
|
516,796
|
|
|
—
|
|
|
—
|
|
|
(516,796
|
)
|
|
—
|
|
|||||
Intercompany Note Receivable
|
|
5,976
|
|
|
111,290
|
|
|
47,157
|
|
|
(164,423
|
)
|
|
—
|
|
|||||
Other Intangible Assets, Net
|
|
—
|
|
|
53,503
|
|
|
50,661
|
|
|
—
|
|
|
104,164
|
|
|||||
Long-Term Deferred Income Tax Asset
|
|
80,409
|
|
|
—
|
|
|
2,230
|
|
|
(29,172
|
)
|
|
53,467
|
|
|||||
Other Long-Term Assets, Net
|
|
11,992
|
|
|
4,639
|
|
|
1,070
|
|
|
—
|
|
|
17,701
|
|
|||||
Total Other Assets
|
|
796,230
|
|
|
169,432
|
|
|
134,386
|
|
|
(710,391
|
)
|
|
389,657
|
|
|||||
PLANT AND EQUIPMENT, NET
|
|
274,741
|
|
|
24,702
|
|
|
26,830
|
|
|
—
|
|
|
326,273
|
|
|||||
TOTAL ASSETS
|
|
$
|
1,443,604
|
|
|
$
|
420,282
|
|
|
$
|
378,824
|
|
|
$
|
(786,043
|
)
|
|
$
|
1,456,667
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts Payable
|
|
$
|
112,178
|
|
|
$
|
50,529
|
|
|
$
|
18,445
|
|
|
$
|
—
|
|
|
$
|
181,152
|
|
Intercompany Accounts Payable
|
|
33,079
|
|
|
6,347
|
|
|
33,972
|
|
|
(73,398
|
)
|
|
—
|
|
|||||
Accrued Liabilities
|
|
65,884
|
|
|
48,997
|
|
|
24,522
|
|
|
(2,254
|
)
|
|
137,149
|
|
|||||
Total Current Liabilities
|
|
211,141
|
|
|
105,873
|
|
|
76,939
|
|
|
(75,652
|
)
|
|
318,301
|
|
|||||
OTHER LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accrued Pension Cost
|
|
309,191
|
|
|
343
|
|
|
844
|
|
|
—
|
|
|
310,378
|
|
|||||
Accrued Employee Benefits
|
|
23,483
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,483
|
|
|||||
Accrued Postretirement Health Care Obligation
|
|
24,587
|
|
|
13,854
|
|
|
—
|
|
|
—
|
|
|
38,441
|
|
|||||
Intercompany Note Payable
|
|
123,232
|
|
|
—
|
|
|
41,191
|
|
|
(164,423
|
)
|
|
—
|
|
|||||
Other Long-Term Liabilities
|
|
37,005
|
|
|
26,679
|
|
|
16,587
|
|
|
(29,172
|
)
|
|
51,099
|
|
|||||
Long-Term Debt
|
|
221,339
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221,339
|
|
|||||
Total Other Liabilities
|
|
738,837
|
|
|
40,876
|
|
|
58,622
|
|
|
(193,595
|
)
|
|
644,740
|
|
|||||
TOTAL SHAREHOLDERS’ INVESTMENT
|
|
493,626
|
|
|
273,533
|
|
|
243,263
|
|
|
(516,796
|
)
|
|
493,626
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
$
|
1,443,604
|
|
|
$
|
420,282
|
|
|
$
|
378,824
|
|
|
$
|
(786,043
|
)
|
|
$
|
1,456,667
|
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Sales
|
|
$
|
144,146
|
|
|
$
|
98,861
|
|
|
$
|
81,685
|
|
|
$
|
(37,895
|
)
|
|
$
|
286,797
|
|
Cost of Goods Sold
|
|
119,430
|
|
|
87,089
|
|
|
65,652
|
|
|
(37,895
|
)
|
|
234,276
|
|
|||||
Gross Profit
|
|
24,716
|
|
|
11,772
|
|
|
16,033
|
|
|
—
|
|
|
52,521
|
|
|||||
Engineering, Selling, General and Administrative Expenses
|
|
38,965
|
|
|
17,396
|
|
|
15,702
|
|
|
—
|
|
|
72,063
|
|
|||||
Equity in Earnings of Unconsolidated Affiliates
|
|
1,816
|
|
|
1,412
|
|
|
—
|
|
|
—
|
|
|
3,228
|
|
|||||
Equity in Loss (Earnings) from Subsidiaries
|
|
2,001
|
|
|
—
|
|
|
—
|
|
|
(2,001
|
)
|
|
—
|
|
|||||
Income (Loss) from Operations
|
|
(14,434
|
)
|
|
(4,212
|
)
|
|
331
|
|
|
2,001
|
|
|
(16,314
|
)
|
|||||
Interest Expense
|
|
(4,436
|
)
|
|
(67
|
)
|
|
(2
|
)
|
|
—
|
|
|
(4,505
|
)
|
|||||
Other Income (Loss), Net
|
|
(404
|
)
|
|
11
|
|
|
850
|
|
|
—
|
|
|
457
|
|
|||||
Income (Loss) before Income Taxes
|
|
(19,274
|
)
|
|
(4,268
|
)
|
|
1,179
|
|
|
2,001
|
|
|
(20,362
|
)
|
|||||
Provision (Credit) for Income Taxes
|
|
(5,126
|
)
|
|
(1,548
|
)
|
|
460
|
|
|
—
|
|
|
(6,214
|
)
|
|||||
Net Income (Loss)
|
|
$
|
(14,148
|
)
|
|
$
|
(2,720
|
)
|
|
$
|
719
|
|
|
$
|
2,001
|
|
|
$
|
(14,148
|
)
|
Comprehensive Income (Loss)
|
|
$
|
(10,034
|
)
|
|
$
|
(2,347
|
)
|
|
$
|
1,064
|
|
|
$
|
1,283
|
|
|
$
|
(10,034
|
)
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Sales
|
|
$
|
149,500
|
|
|
$
|
106,506
|
|
|
$
|
82,492
|
|
|
$
|
(49,040
|
)
|
|
$
|
289,458
|
|
Cost of Goods Sold
|
|
128,601
|
|
|
93,485
|
|
|
64,241
|
|
|
(49,040
|
)
|
|
237,287
|
|
|||||
Restructuring Charges
|
|
—
|
|
|
1,995
|
|
|
464
|
|
|
—
|
|
|
2,459
|
|
|||||
Gross Profit
|
|
20,899
|
|
|
11,026
|
|
|
17,787
|
|
|
—
|
|
|
49,712
|
|
|||||
Engineering, Selling, General and Administrative Expenses
|
|
37,805
|
|
|
16,954
|
|
|
17,375
|
|
|
—
|
|
|
72,134
|
|
|||||
Restructuring Charges
|
|
890
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
914
|
|
|||||
Equity in Loss (Earnings) from Subsidiaries
|
|
3,695
|
|
|
—
|
|
|
—
|
|
|
(3,695
|
)
|
|
—
|
|
|||||
Income (Loss) from Operations
|
|
(21,491
|
)
|
|
(5,952
|
)
|
|
412
|
|
|
3,695
|
|
|
(23,336
|
)
|
|||||
Interest Expense
|
|
(4,472
|
)
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(4,536
|
)
|
|||||
Other Income, Net
|
|
703
|
|
|
790
|
|
|
(38
|
)
|
|
—
|
|
|
1,455
|
|
|||||
Income (Loss) before Income Taxes
|
|
(25,260
|
)
|
|
(5,226
|
)
|
|
374
|
|
|
3,695
|
|
|
(26,417
|
)
|
|||||
Provision (Credit) for Income Taxes
|
|
(7,089
|
)
|
|
(1,898
|
)
|
|
741
|
|
|
—
|
|
|
(8,246
|
)
|
|||||
Net Income (Loss)
|
|
$
|
(18,171
|
)
|
|
$
|
(3,328
|
)
|
|
$
|
(367
|
)
|
|
$
|
3,695
|
|
|
$
|
(18,171
|
)
|
Comprehensive Income (Loss)
|
|
$
|
(28,802
|
)
|
|
$
|
(3,601
|
)
|
|
$
|
(6,506
|
)
|
|
$
|
10,107
|
|
|
$
|
(28,802
|
)
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Cash Provided by (Used in) Operating Activities
|
|
$
|
(51,795
|
)
|
|
$
|
(26,097
|
)
|
|
$
|
1,692
|
|
|
$
|
(297
|
)
|
|
$
|
(76,497
|
)
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Expenditures
|
|
(13,463
|
)
|
|
(881
|
)
|
|
(1,420
|
)
|
|
—
|
|
|
(15,764
|
)
|
|||||
Proceeds Received on Disposition of Plant and Equipment
|
|
—
|
|
|
17
|
|
|
35
|
|
|
—
|
|
|
52
|
|
|||||
Proceeds on Sale of Investments in Marketable Securities
|
|
3,343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,343
|
|
|||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt
|
|
(20,273
|
)
|
|
—
|
|
|
—
|
|
|
20,273
|
|
|
—
|
|
|||||
Net Cash Provided by (Used in) Investing Activities
|
|
(30,393
|
)
|
|
(864
|
)
|
|
(1,385
|
)
|
|
20,273
|
|
|
(12,369
|
)
|
|||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt
|
|
50,175
|
|
|
26,649
|
|
|
(6,376
|
)
|
|
(20,273
|
)
|
|
50,175
|
|
|||||
Treasury Stock Purchases
|
|
(8,654
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,654
|
)
|
|||||
Payment of Acquisition Contingent Liability
|
|
—
|
|
|
—
|
|
|
(813
|
)
|
|
—
|
|
|
(813
|
)
|
|||||
Stock Option Exercise Proceeds and Tax Benefits
|
|
1,117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,117
|
|
|||||
Cash Dividends Paid
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
297
|
|
|
—
|
|
|||||
Net Cash (Used in) Provided by Financing Activities
|
|
42,638
|
|
|
26,649
|
|
|
(7,486
|
)
|
|
(19,976
|
)
|
|
41,825
|
|
|||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents
|
|
—
|
|
|
—
|
|
|
162
|
|
|
—
|
|
|
162
|
|
|||||
Net Decrease in Cash and Cash Equivalents
|
|
(39,550
|
)
|
|
(312
|
)
|
|
(7,017
|
)
|
|
—
|
|
|
(46,879
|
)
|
|||||
Cash and Cash Equivalents, Beginning
|
|
40,966
|
|
|
741
|
|
|
48,132
|
|
|
—
|
|
|
89,839
|
|
|||||
Cash and Cash Equivalents, Ending
|
|
$
|
1,416
|
|
|
$
|
429
|
|
|
$
|
41,115
|
|
|
$
|
—
|
|
|
$
|
42,960
|
|
|
|
Briggs & Stratton
Corporation
|
|
Guarantor
Subsidiary
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net Cash Used in Operating Activities
|
|
$
|
(67,715
|
)
|
|
$
|
(8,420
|
)
|
|
$
|
(6,311
|
)
|
|
$
|
(243
|
)
|
|
$
|
(82,689
|
)
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Expenditures
|
|
(10,916
|
)
|
|
(1,126
|
)
|
|
(386
|
)
|
|
—
|
|
|
(12,428
|
)
|
|||||
Proceeds Received on Disposition of Plant and Equipment
|
|
—
|
|
|
504
|
|
|
11
|
|
|
—
|
|
|
515
|
|
|||||
Cash Investment in Subsidiary
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Cash Paid for Acquisition, Net of Cash Acquired
|
|
—
|
|
|
—
|
|
|
(2,174
|
)
|
|
—
|
|
|
(2,174
|
)
|
|||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt
|
|
2,489
|
|
|
—
|
|
|
—
|
|
|
(2,489
|
)
|
|
—
|
|
|||||
Net Cash Used in Investing Activities
|
|
(8,427
|
)
|
|
(622
|
)
|
|
(2,549
|
)
|
|
(2,489
|
)
|
|
(14,087
|
)
|
|||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt
|
|
38,410
|
|
|
(8,063
|
)
|
|
5,574
|
|
|
2,489
|
|
|
38,410
|
|
|||||
Treasury Stock Purchases
|
|
(11,178
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,178
|
)
|
|||||
Stock Option Exercise Proceeds and Tax Benefits
|
|
6,433
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,433
|
|
|||||
Cash Investment in Subsidiary
|
|
—
|
|
|
—
|
|
|
(243
|
)
|
|
243
|
|
|
—
|
|
|||||
Net Cash Provided by (Used in) Financing Activities
|
|
33,665
|
|
|
(8,063
|
)
|
|
5,331
|
|
|
2,732
|
|
|
33,665
|
|
|||||
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents
|
|
—
|
|
|
—
|
|
|
(1,284
|
)
|
|
—
|
|
|
(1,284
|
)
|
|||||
Net Decrease in Cash and Cash Equivalents
|
|
(42,477
|
)
|
|
(17,105
|
)
|
|
(4,813
|
)
|
|
—
|
|
|
(64,395
|
)
|
|||||
Cash and Cash Equivalents, Beginning
|
|
45,395
|
|
|
17,237
|
|
|
55,758
|
|
|
—
|
|
|
118,390
|
|
|||||
Cash and Cash Equivalents, Ending
|
|
$
|
2,918
|
|
|
$
|
132
|
|
|
$
|
50,945
|
|
|
$
|
—
|
|
|
$
|
53,995
|
|
|
|
Three Months Ended Fiscal September
|
||||||||||||||||||||||
|
|
2017 Reported
|
|
Adjustments
|
|
2017 Adjusted
(2)
|
|
2016 Reported
|
|
Adjustments
(1)
|
|
2016 Adjusted
(2)
|
||||||||||||
Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
30,985
|
|
|
$
|
—
|
|
|
$
|
30,985
|
|
|
$
|
23,777
|
|
|
$
|
464
|
|
|
$
|
24,241
|
|
Products
|
|
22,951
|
|
|
—
|
|
|
22,951
|
|
|
27,143
|
|
|
2,245
|
|
|
29,388
|
|
||||||
Inter-Segment Eliminations
|
|
(1,415
|
)
|
|
—
|
|
|
(1,415
|
)
|
|
(1,208
|
)
|
|
—
|
|
|
(1,208
|
)
|
||||||
Total
|
|
$
|
52,521
|
|
|
$
|
—
|
|
|
$
|
52,521
|
|
|
$
|
49,712
|
|
|
$
|
2,709
|
|
|
$
|
52,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engineering, Selling, General and Administrative Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
44,455
|
|
|
$
|
—
|
|
|
$
|
44,455
|
|
|
$
|
44,301
|
|
|
$
|
850
|
|
|
$
|
43,451
|
|
Products
|
|
27,608
|
|
|
—
|
|
|
27,608
|
|
|
27,833
|
|
|
26
|
|
|
27,807
|
|
||||||
Total
|
|
$
|
72,063
|
|
|
$
|
—
|
|
|
$
|
72,063
|
|
|
$
|
72,134
|
|
|
$
|
876
|
|
|
$
|
71,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Segment Income (Loss)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Engines
|
|
$
|
(11,654
|
)
|
|
$
|
—
|
|
|
$
|
(11,654
|
)
|
|
$
|
(20,754
|
)
|
|
$
|
2,204
|
|
|
$
|
(18,550
|
)
|
Products
|
|
(3,245
|
)
|
|
—
|
|
|
(3,245
|
)
|
|
62
|
|
|
2,295
|
|
|
2,357
|
|
||||||
Inter-Segment Eliminations
|
|
(1,415
|
)
|
|
—
|
|
|
(1,415
|
)
|
|
(1,208
|
)
|
|
—
|
|
|
(1,208
|
)
|
||||||
Total
|
|
$
|
(16,314
|
)
|
|
$
|
—
|
|
|
$
|
(16,314
|
)
|
|
$
|
(21,900
|
)
|
|
$
|
4,499
|
|
|
$
|
(17,401
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Segment Income (Loss) to Income (Loss) Before Income Taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in Earnings of Unconsolidated Affiliates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,436
|
|
|
—
|
|
|
1,436
|
|
||||||
Income (Loss) from Operations
|
|
$
|
(16,314
|
)
|
|
$
|
—
|
|
|
$
|
(16,314
|
)
|
|
$
|
(23,336
|
)
|
|
$
|
4,499
|
|
|
$
|
(18,837
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (Loss) Before Income Taxes
|
|
(20,362
|
)
|
|
—
|
|
|
(20,362
|
)
|
|
(26,417
|
)
|
|
4,499
|
|
|
(21,918
|
)
|
||||||
Provision (Credit) for Income Taxes
|
|
(6,214
|
)
|
|
—
|
|
|
(6,214
|
)
|
|
(8,246
|
)
|
|
1,528
|
|
|
(6,718
|
)
|
||||||
Net Income (Loss)
|
|
$
|
(14,148
|
)
|
|
$
|
—
|
|
|
$
|
(14,148
|
)
|
|
$
|
(18,171
|
)
|
|
$
|
2,971
|
|
|
$
|
(15,200
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings (Loss) Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
(0.34
|
)
|
|
$
|
—
|
|
|
$
|
(0.34
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.35
|
)
|
Diluted
|
|
(0.34
|
)
|
|
—
|
|
|
(0.34
|
)
|
|
(0.42
|
)
|
|
0.07
|
|
|
(0.35
|
)
|
2017 Fiscal Month
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program (b)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
|
||||||
July 4, 2016 to July 31, 2016
|
|
59,689
|
|
|
$
|
21.65
|
|
|
59,689
|
|
|
$
|
48,906,454
|
|
August 1, 2016 to August 28, 2016 (a)
|
|
114,852
|
|
|
21.30
|
|
|
75,554
|
|
|
47,336,442
|
|
||
August 29, 2016 to October 2, 2016
|
|
308,141
|
|
|
18.79
|
|
|
308,141
|
|
|
41,546,473
|
|
||
Total First Quarter
|
|
482,682
|
|
|
$
|
19.74
|
|
|
443,384
|
|
|
$
|
41,546,473
|
|
(a)
|
39,298 shares reported during August were surrendered by employees to satisfy tax withholding obligations upon vesting of restricted stock.
|
(b)
|
On April 21, 2016, the Board of Directors authorized up to $50 million in funds for use in the common share repurchase program with an expiration date of June 29, 2018.
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
|
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
|
|
|
|
|
|
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended October 2, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements
|
|
|
|
BRIGGS & STRATTON CORPORATION
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
November 1, 2016
|
|
/s/ Mark A. Schwertfeger
|
|
|
|
|
Mark A. Schwertfeger
|
|
|
|
|
Senior Vice President and Chief Financial Officer and
Duly Authorized Officer
|
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
|
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)
|
|
|
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
|
|
|
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)
|
|
|
|
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended October 2, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related Notes to Condensed Consolidated Financial Statements
|
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